Dogecoin rises 9% due to fake news about dog death ─ falls after being revealed to be fake
Dogecoin surged 9% after social media rumors about the death of the dog that inspired Dogecoin, but was later withdrawn.
The incident irritated cryptocurrency watchers as fake news led to a surge in liquidations.
The popular meme coin Dogecoin (DOGE) experienced significant price fluctuations on the 9th. This is because social media rumors about the death of a dog, which was the motif, turned out to be false. Cryptocurrency watchers are frustrated by this.
The price of Dogecoin rose after anonymous Shares rose 1% to 8.3 cents.
The publisher soon deleted X’s post, discovered that the screenshot was fake, and made X’s account private. The account has also been deleted.
Dogecoin lost most of its gains and fell to around 8 cents, but still higher than the 7.7 cents it was trading at before the fake news.
The incident irritated cryptocurrency observers as it heightened the asset class’s reputation for alleged market manipulation and speculative nature.
Tree of Alpha, a widely followed cryptocurrency expert, said, “When I look at the charts people draw predicting the death of animals, it seems like we are all going to hell or are already there.” “It makes me think like that,” he said.
Liquidations of leveraged trading positions due to rapid price movements during periods of high volatility have also frustrated some Dogecoin traders. According to CoinGlass data, compared to all other cryptocurrencies, including Bitcoin, $674,000 (approximately 97.73 million yen, equivalent to 145 yen per dollar) worth of leveraged derivatives trades were cleared in one hour. The amount exceeds the liquidation amount of the assets.
Dogecoin started out as a meme coin in 2013, but has garnered a huge following around the world, including Elon Musk, and its current market capitalization is over $11 billion (approximately 1.595 trillion yen).
The incident comes as the cryptocurrency market is receiving a lot of attention and U.S. regulatory approval for the long-awaited Bitcoin exchange-traded fund (ETF) is imminent.
In particular, the price of Bitcoin (BTC) soared last October when Cointelegraph, a cryptocurrency media outlet, posted an incorrect tweet saying that an application by BlackRock, the world’s largest asset management company, had been approved by regulators. There was a temporary spike.
｜Translation and editing: Rinan Hayashi ｜Image: Christal Yuen/Unsplash ｜Original article: Dogecoin fluctuates 9%, rumors of mascot death send cryptocurrency enthusiasts into a frenzy
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Dogecoin rises 9% following fake news about dog death ─ falls after being revealed to be fake | CoinDesk JAPAN appeared first on Our Bitcoin News.
